DWF Labs, a prominent market maker in the cryptocurrency space, recently made a significant move by depositing approximately 24 million JASMY tokens to Binance, a leading exchange in the market. This move was highlighted by SpotOnChain, a well-known platform for on-chain analytics, on the social media platform X. According to SpotOnChain, the deposited JASMY tokens are valued at $731,000. It is worth noting that DWF Labs has been operating under a one-year market-making contract for JasmyCoin, which is set to expire in August.
SpotOnChain also revealed that on June 26, 2023, DWF Labs withdrew 700 million JASMY tokens from Gate.io at $0.004384 per token. This withdrawal closely followed a deposit of the same amount by the Jasmy Deployer to the centralized exchange. Over the past year, DWF Labs has deposited these tokens to Binance at an average price of $0.01788, significantly increasing their value by 308%. These strategic moves highlight DWF Labs’ active participation in the JASMY token market and its impact on the token’s price.
In earlier transactions, DWF Labs made significant deposits of JASMY tokens to Binance. On June 3, the company deposited 97 million JASMY tokens, valued at $3.3 million, to the exchange over three days. The analytics firm noted that DWF Labs systematically unloaded JASMY tokens daily during this period, causing short-term price drops in the market. Additionally, on May 31, DWF Labs made another significant deposit of 50 million JASMY tokens, worth $1.57 million, to Binance. These transactions reflect the company’s strategic moves to maximize profits and increase its holdings in the JASMY token.
Currently, JASMY is trading at $0.03008 with a 4% surge in the past 24 hours. Trading volume has also increased by 31% during the same period, indicating a growing interest in the token. DWF Labs’ active involvement in the JASMY token market and its strategic deposits to Binance have played a significant role in influencing the token’s price and market dynamics. With the expiration of the one-year market-making contract in August, it will be interesting to see how DWF Labs continues to shape the JASMY token market in the coming months.
